"We have a plant in Rudrapur and have already started assembling of phones on trial basis there. It will be commercially launched in the first quarter of next year," Micromax Co-founder Rahul Sharma said.

The facility employs over 400 people. Currently, Micromax imports devices from China, where it has tie ups with manufacturers such as Foxconn.

The company, which plans to start exporting to Russia beginning next year, is aiming for a turnover of more than Rs 6,000 crore by the end of the current financial year.

"We closed last year at about Rs 3,168 crore and we are looking to double that this financial year. We are on track to be a billion dollar company by FY 14," Sharma added.

The company is betting big on its smartphone portfolio. According to IDC, Micromax stayed at the No 2 spot for Q2 of 2013 with shipments crossing 2 million units. Its share of the smartphone market increased to 22 per cent from 18.8 per cent in the last quarter.

Sharma said the company will also explore the European market. "Russia is the first step. After Russia, we are moving on to Europe, the work is going on," he said. The company plans to introduce over 20 devices in the next six months.